Enterprise boss to leave after 22 years
The chief executive and founder of pub group Enterprise Inns is retiring after 22 years at the helm.
Ted Tuppen will retire on February 6 and is expected to leave the company on May 19 and will be succeeded by chief operating officer Simon Townsend who joined the business in 1999.
Under Mr Tuppen's leadership, Enterprise has grown into the largest operator of leased and tenanted pubs in the UK, with a portfolio of 5,500 properties valued at £4 billion.
Chairman Robert Walker said he would leave Enterprise in a strong financial position with improved like-for-like trading and a clear strategy.
Mr Tuppen said: " I am confident that under Simon's leadership, the company is in very good hands for the future."
In the year to the end of September Solihull-based Enterprise saw pre-tax profit fall from £137 million to £121m and like-for-like net income fall 2.9%.
The group made capital investment of £62m in its estate during the year and raised £150 million net proceeds from its disposal programme, reducing net debt by £216 million to £2.5 billion.
Mr Tuppen said there was an improving trend in Enterprise's trading performance which, together with actions to improve the quality of the estate and reduce debt, puts it on track to return to growth.
There was like-for-like net income growth of 0.6% in the final quarter of 2012-2013.
